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Old 10-22-2008, 11:09 AM
 
84 posts, read 343,398 times
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282K actually. Is it too much ?
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Old 10-22-2008, 11:42 AM
cla
 
898 posts, read 3,316,053 times
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Not too much for the square footage, but most first time homebuyers can't afford to spend anywhere near that much for a house.
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Old 10-22-2008, 01:31 PM
 
Location: Houston, TX (Bellaire)
4,900 posts, read 13,778,302 times
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Quote:
Originally Posted by ZeroTX View Post
Wow, so your very first house ever is a 275k+ house? Holy cow.
Do you come here just to be a jerk to everyone who buys a bigger house than you do?
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Old 10-22-2008, 01:33 PM
 
Location: Houston, TX (Bellaire)
4,900 posts, read 13,778,302 times
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Quote:
Originally Posted by firsthome View Post
282K actually. Is it too much ?
As long as you can easily afford the payment then its not to much. Good rule is not to spend more than 2.5-3 times your annual take home income, depending on how conservative you are.
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Old 10-22-2008, 02:08 PM
 
84 posts, read 343,398 times
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Mine comes to 3.5 times
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Old 10-22-2008, 02:29 PM
cla
 
898 posts, read 3,316,053 times
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Quote:
Originally Posted by chris_ut View Post
As long as you can easily afford the payment then its not to much. Good rule is not to spend more than 2.5-3 times your annual take home income, depending on how conservative you are.
That old rule of thumb is actually 2.5 to 3 times your gross annual income, which I always thought exceedingly high. Especially in Texas with the high property taxes.

Here is a simple overview of home affordability..

Affordable Home - How Much Home Can I Afford? - How Much to Spend on Home
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Old 10-22-2008, 03:37 PM
 
Location: Katy,TX.
4,244 posts, read 8,794,322 times
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Quote:
Originally Posted by chris_ut View Post
Do you come here just to be a jerk to everyone who buys a bigger house than you do?
Don't feed the trolls
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Old 10-22-2008, 03:47 PM
 
Location: where nothin ever grows. no rain or rivers flow, TX
2,028 posts, read 8,136,076 times
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I guess I like breaking rules. We bought a new house equivalent to our annual gross income. In Alief LOL. 50% down ha!
I'll be increasing my 401k contributions of course. I think thats the right thing to do with the extra money
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Old 10-22-2008, 04:09 PM
cla
 
898 posts, read 3,316,053 times
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Quote:
Originally Posted by Wysiwyg View Post
I guess I like breaking rules. We bought a new house equivalent to our annual gross income. In Alief LOL. 50% down ha!
I'll be increasing my 401k contributions of course. I think thats the right thing to do with the extra money
I am with you. My gross income isn't equivalent to the sale price of my home, but it's darn close and in a few more years it will be. I bought the home I needed - not the home the bank said I qualified for. After living in homes ranging from 700 s.f to 1600 s.f., I find my 2000 s.f. home to be more than big enough.
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Old 10-22-2008, 04:38 PM
 
Location: Sugar Land, Texas
530 posts, read 2,041,855 times
Reputation: 197
Quote:
Originally Posted by chris_ut View Post
Do you come here just to be a jerk to everyone who buys a bigger house than you do?
How is my question being a jerk? It is an unusually expensive house for a first time buyer.
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